FINRA Proposes Amending NAC's Size, Terms and Election Procedures

FINRA proposed amending the By-Laws of its regulatory subsidiary, FINRA Regulation. The proposed amendments would: (i) expand the size of the National Adjudicatory Council ("NAC") to 15 members, with the number of non-industry members exceeding the number of industry members; (ii) lengthen the terms of office of future NAC members to four years; and (iii) update the process used for sending and counting ballots in the event of a contested nomination and election to fill certain NAC industry member seats.

Comments on the FINRA proposal must be submitted 21 days following its publication in the Federal Register.